Mathematics
for
Economists

DECO403
MATHEMATICS FOR ECONOMISTS
Copyright © 2014 Laxmi Publications (P) Ltd.
All rights reserved

Produced & Printed by

LAXMI PUBLICATIONS (P) LTD.
113, Golden House, Daryaganj,
New Delhi-110002
for
Lovely Professional University
Phagwara
 SYLLABUS

Mathematics for Economists

Objectives
• To aware of students the mathematical aspects of Economics.
• To introduce the concept of interrelation and inter dependency of mathematical Economics.
• To increase understanding of the application of the mathematical properties of Economics.

Sr. Content
No.
1 Types of Functions: constant function, polynomial functions, rational functions, non-
algebraic function, exponential function, log function, Limits & Continuity
2 Differentiation : Simple, Logarithmic differentiation, Second and higher order
differentiation
3 Differentiation: Partial, Homogeneous function and Euler’s theorem, Economic
Applications of differentiation
4 Maxima and Minima of one variable, Maxima and Minima of two variables,
Constrained Maxima and Minima, Economic Applications of Maxima and Minima
5 Integration : Basic rules of integration, Methods of integration, Integration as a
summation, Definite Integration, Economic Applications of Integration
6 Differential Equations: Introduction, Solution – variable separable case, homogenous
case
7 Matrices : Meaning and types, Transpose, trace of a matrix, Adjoint and inverse of the
matrix, Cramer’s rule, Determinants: Types and properties, Rank of a matrix,
Application of matrices in economics
8 Input – Output analysis, Hawkins – Simon Conditions, Closed Economic Input – Output
analysis
9 Introduction to Linear Programming, Formulation of Linear programming problems,
Graphic methods
10 Linear Programming - Simplex methods
 CONTENTS
Units Page No.

1. Functions 1

2. Limits and Continuity 29

3. Differentiation 59

4. Logarithmic Differentiation 77

5. Second and Higher Order Differentiation 91

6. Differentiation: Partial 97

7. Homogeneous Function and Euler’s Theorem 105

8. Use of Differentiation in Economics 123

9. Maxima and Minima: One Variable 141

10. Maxima and Minima: Two Variables and Constrained Maxima and Minima with Lagrange’s Multiplier 155

11. Constrained Maxima and Minima 169

12. Integration: Basic Rules of Integration 177

13. Methods of Integration 191

14. Integration as a Summation 209

15. Definite Integration 227

16. Economic Applications of Integration 245

17. Introduction to Differential Equations and Solutions: Variable Separable Case and Homogeneous Equation 255

18. Matrices: Meaning and Types 265

19. Transpose and Inverse of Matrix 277

20. Cramer’s Rule 284

21. Determinant: Types and Properties 291

22. Rank of Matrix 305

23. Application of Matrices in Economics 309

24. Input-Output Analysis 315

25. Conditions of Hawkins and Simon 327

26. Closed Economy: Input-Output Model 333

27. Linear Programming 337

28. Formulation of Linear Programming 343

29. Graphic Method 345

30. Simplex Method 351

 Unit 1: Functions

Unit 1: Functions Note

CONTENTS

Objectives
Introduction
1.1 Quantities
1.2 Related Quantities
1.3 Functions
1.4 Definition of Functions
1.5 Explanation of Functions
1.6 Functional Notations
1.7 Value of Functions
1.8 Definition of Functions by Mapping
1.9 Domain and Range of Functions
1.10 Kinds of Functions
1.11 Operations in the Set of Functions
1.12 Graph of Functions
1.13 Use of Linear Functions in Economics
1.14 Summary
1.15 Keywords
1.16 Review Questions
1.17 Further Readings

Objectives
After reading this unit, students will be able to :
z Know the Functions and Related Quantities.
z Determine the Value of Functions.
z Know the Definition of Functions by Mapping.
z Determine the Domain and Range of Functions.
z Understand the use of Linear Functions in Economics.

Introduction
In many of the questions, we have to determine the effect of increase-decrease of an independent
number on a number dependent on it. For example, area of circle always depends on the radius of
it, because if radius is increased or decreased, then area of the circle will also decrease or increase
according to the radius. Here radius of the circle is a number and area of the circle is another
number, which are related to each other. Thus volume of a cylinder depends on its radius, area of
square and volume of a cuboid depend on the length of its arm. The distance covered by a running
train in dynamic velocity depends on the time taken. Velocity of a falling particle depends on the
distance covered by it. Atmospheric pressure of a certain place depends on the alleviation of its
height from sea-coast etc.

LOVELY PROFESSIONAL UNIVERSITY 1

Mathematics for Economists

Note With the change of value of one number, the rate of change in the value of other number and
questions related to rate of such change and analysis and study of functions is referred to as Differential
Calculus.

1.1 Quantities
There are two types of quantities:
1. Variable 2. Constant
1. Variables – Changing quantities are referred to as variables. Quantities for which values keeps on
changing viz which can be given indefinite numerical values are Variables. These are general
expressed with the last characters such as x, y, z, u, v, w etc. of English Words.
2. Constants – Numbers for which value is unchangeable under any process of mathematics, are
constants. Constant Tuantities are of two types:
(i) Absolute constants
(ii) Arbitrary constants
Value of which in any problem is unchanged, is referred to as absolute constants e.g.
2
5,  3, 1, 1, 5 , S , , e etc.
5
Value of which remains constant in a problem, but get different value in different problems, they
are called arbitrary constants. These are expressed with the beginning letters such as a, b, c, d, etc. of
English word.

1.2 Related Quantities

We know that the area of the circle depends on its radius. In other words, circles with different radii
have different areas. Similarly, square of any positive number increases or decreases with any
change in it. Here radius of circle and its area or number and its square are related quantities.

Notes Any two numbers, in which change in any one number affects another number, are
referred to as related quantities.

Although both these two numbers are constants, but value of any one number can be changed
liberally and the value of other number will change not independently but applying any rule. For
example if we assume liberally 1, 2, 3, 4 …….. for the radius of the circle (r), then its area (A) applying
the rule A = πr2 would be π, 4π, 9π, 16π,..... respectively.
There are two types of constants:
(i) Independent Variables, (ii) Dependent variables
If two constants x and y are related in a manner where one variable can be given any value liberally
and the value of y depends on it, then x will be referred to as independent variables and y would be
its dependent variables.
For example: Assume y = 2x + 5
Now giving x variable different values like 0, 1, 2, ….. etc. we get different results for y variable such
5, 7, 9, …… etc. respectively, which is completely depended on x.
Therefore, here x is independent variable and y is a dependent one.

2 LOVELY PROFESSIONAL UNIVERSITY

 



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Then A is called limit of f(x) at x = a Note

Set h1, h2,......, hn,...... is a sequence, for which limit is 0. Similarly second makes sequence (2). Here is
it to be specially noted that for limit to exist, like sequence (1) f(a + hn) every type of sequence should
tend to A. viz the statistical difference of f(a – hn) – A, choosing hn sufficient smaller, can be reduced
as desired. Assigning a + hn {or a – hn} = x or | x – a | = hn we can define the limit as under
Definition – At x = a, limit of function f(x) is any number (assume A, which has the property that for
each value of x for which |x – a| viz x – a is numerical value) sufficiently smaller (but not zero), |f(x)
– A| viz the numerical value of f(x)-A is smaller as desired.
Limit can also be defined with the following

Second definition of limit

When x → a (when x tends to a), the limit of function f(x) is any number (Assume A), which has the
property that for any independent positive smallest number ε, a second number δ greatest than 0 can
be obtained, for which|f ( x ) – A|< ε for every values of x,
0 < | x – a | < δ.

Notes If at x = a, L is the limit (L) of f(x), then this can be expressed as

>;?;F   "  = L or >;?   "  = L.

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2.2 Right Hand and Left Hand Limits

2.2.1 Right Hand Limit

When the limit of function is obtained from the right hand of the independent variable, then it is
called Right Hand Limit (R.H.L.) and applying positive (+) sign for the right side, this can be
expressed as under

Right Hand Limit = f(a + 0) = xlim

o a
f (x) = l .
1

2.2.2 Left Hand Limit Y

When the limit of function is obtained from the left hand of the
independent variable, then it is called Left Hand Limit (L.H.L.)
and applying negative (–) sign for the left side, this can be expressed
as under l1
l2
Left Hand Limit = f(a – 0) = lim f ( x ) = l2.
x oa
O a
X
2.3 Working Rules for Finding Right Hand Limit and Left Hand Limit
(i) To obtain the limit of right and left hand, replace x variable with (x + h) ad (x – h) respectively
in the function
(ii) Thus, obtained function x, should be replaced with point (assume a)
(iii) Now at h → 0 determine the limit of function [viz function obtained by (ii) to be put in the
above, put h = 0].

LOVELY PROFESSIONAL UNIVERSITY 33

 

 

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 Unit 3: Differentiation

3.12 Summary Note

Gy
z lim is known as Derivative for the differential coefficient of y function with respect to x.
Gx
Gx o 0

To avoid any doubt with respect to independent variables, the differential coefficient or
y d dy
derivative lim with respect to x is written as ( y ) or . This way the process of
x
xo0 dx dx
knowing the limit is known as differentiation or in other words method of calculating the
differential coefficient of any product is referred as Differentiation.
z If f(x) is the function of x and the same function of x + δx is f(x + δx), then limiting value is
f ( x  Gx )  f ( x )
lim , for the differential coefficient f(x) with respect to x.
Gx o 0 Gx

d d d
z { f ( x )} f1 (x ) r f2 (x)
dx dx dx
z Differential coefficient of Constant and multiplication of any product is equal to differential
coefficient of product and multiplication of constant value.
d x
z (e ) ex
dx
d x
z a a x log e a i.e. differential coefficient of division of two function
dx

3.13 Keywords
z Differential coefficient: Differentiation
z Growth: Increment

3.14 Review Questions

d
1. Find the value of ( 6 x 2 ) [Ans.: = –12x]
dx
d
2. Find the value of (5x 6  2 x ) [Ans.: = 30x5 + 2]
dx
d x
3. Prove that a a x log e a
dx
1
6 1 2
4. Find the differential coefficient of 6 log x  x  7 [Ans.: =  x ]
x 2
x dy
5. If y , then prove that x y(1  y )
x5 dx

Answers: Self Assessment

1. (i) Differentiation (ii) Multiplication (iii) a (iv) n – 1 (v) 63x6

2. (i) a (ii) (b) (iii) (c) (iv) (d) (v) (a)

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 Unit 6: Differentiation: Partial

Unit 6: Differentiation : Partial Note

CONTENTS

Objectives
Introduction
6.1 Differentiation of a Function in Respect to Other Function
6.2 Summary
6.3 Keywords
6.4 Review Questions
6.5 Further Readings

Objectives
After reading this unit students will be able to:
z Understand the Method of Differentiation of a Function in Respect to other Function.

Introduction
Differential coefficient of the first function relative to some other function is the ratio of the differential
coefficient of the first function with respect to x to the differential coefficient of the second function
with respect to x.

6.1 Differentiation of a Function in Respect to Other Function

Suppose y1 f 1 ( x ) and y2 f 2 (x)

That is y1 and y2 are the functions of x, on differentiating both with respect to x

dy 1 dy 2
f 1c( x ) and f 1c( x )
dx dx

dy1
Now the differential coffiecient of y1 with respect to y2 is
dy 2

dy1
dy1 dx f 1c( x )
Notes dy 2 dy 2 f 2c ( x )
dx

dy 1 Differential coefficient of y1 with respect to x

Therefore dy Differential coefficient of y 2 with respect to x
2

Did u know? Differential coefficient of the first function relative to some other function is
the ratio of the Differential coefficient of the first function with respect to x to
the Differential coefficient of the second function with respect to x.

LOVELY PROFESSIONAL UNIVERSITY 97

Mathematics for Economists

Note
EXAMPLES WITH SOLUTION
1
Example 1: Find the differential coefficient of tan –1 x with respect to sin –1 x at x = .
2

1
d(tan 1 x ) 1  x2 1  x2
Solution : = 1
d (sin 1 x ) 1  x2
1  x2

1 3
1 1
4 2 2 3
At x = Ans.
2 1 5 5
1
4 4

Example 2: Find the differential coefficient of e tan x with respect to sin x.

Solution : Let us suppose y 1 e tan x and y2 sin x

d tan x
Here dy1 = e e tan x . sec 2 x
dx

d
And dy 2 = sin x cos x
dx

dy1 de tan x e tan x .sec 2 x e tan x

Therefore: = Ans.
dy 2 d sin x cos x cos 3 x

1 + x2 – 1
Example 3: Find the differential coefficient of tan –1 with respect to tan –1 x .
x

1  x2  1
Solution : Suppose y 1 tan 1 and y 2 tan 1 x
x

On putting, x tan T

1 1  x2  1 1  tan 2 T  1
y = tan tan 1
x tan T

1 sec T  1 1  cos T
= tan tan 1
tan T sin T

1
2 sin 2 T
1 2
= tan  1
2 sin T cos T
2 2

1 § T · T tan 1 x
= tan ¨ tan ¸
© 2¹ 2 2

98 LOVELY PROFESSIONAL UNIVERSITY

 

  





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Mathematics for Economists

Note Again when x = 0

Then sin y 0 Ÿ y nS

dy cos2 ( a  nS)
At, x = 0 =
dx cos a

dy cos 2 a
⇒ = = cos a
dx cos a

Example 9: If y = (sin –1 x )2 + (cos–1 x )2 , then prove that

d 2y dy
(1 – x 2 ) –x =4
dx 2 dx

Solution : y = (sin 1 x )2  (cos 1 x )2

dy 2(sin 1 x  cos 1 x )
=
dx 1  x2

dy
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= 2(sin 1 x  cos 1 x )
dx
On differentiating with respect to x,

d2 y  dy ª 1 1 º
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 ( 2 x ). = 2 «  »
dx 2 1x 2 dx «¬ 1  x 2
1  x 2 ¼»

d2 y dy
(1  x 2 ) x
dx 2 dx = 2 . 2
1  x2 1  x2

d2 y dy
∴ (1  x 2 ) x = 4
dx 2 dx

Self Assessment
1. Multiple Choice Questions:

(i) What will be the differential coefficient of ax 7 with respect to x7?

(a) C (b) x (c) x7 (d) a2
(ii) What will be the differential coefficient of log x with respect to tan x?

sin 2 x cos2 x x x
(a) (b) (c) (d)
x x cos 2 x sin 2 x

1
(iii) Differential coefficient of tan-1x with respect to sin-1x at x = will be
2

3 2 5 2 2 3 5
(a) (b) (c) (d)
5 3 5 2 3

102 LOVELY PROFESSIONAL UNIVERSITY

 

  





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Mathematics for Economists

Note Then f (tx, ty) = tn f (x, y)

Another example of homogeneous function
f(x, y) = x2 + xy – 3y2 then
f(x, y) = x3 + 3x2y + y3
And f(tx, ty) = t3 f(x, y)
Production can be written as f(tx, ty) = tn f (x, y)

Notes The above production is n category of f (x, y). In economics majorly production of
Zero Category is used.

x y
Example 1: f(x, y, z) = 
z z

tx ty x y
Then, f (tx, ty, tz) =   f ( x , y , z) t 0 f ( x , y , z)
tz tz z z

x 2 y 2 z2
Example 2: f (x, y, z) =  
yz xz xy

t 2 x 2 t 2 y 2 t 2 z2
f (tx, ty, tz) =  
t 2 yz t 2 xz t 2 xy

= t0 f (x, y, z)
Example 3: If q quantity, p price and y is income, then demand function is as under

y
q = f ( p, y )
kp where M is constant value, then

ty y 0
f (tp, ty) = kp t f ( p, y )
kp

q = f (p, y) = f (tp, ty)

Therefore, when price (p) and income (y) changes in same ratio, then there would be no change in
demand (q).

7.2 Euler’s Theorem

Euler’s Theorem states that all factors of production are increased in a given proportion resulting
output will also increase in the same proportion each factor of production (input) is paid the value
of its marginal product, and the total output is just exhausted. If every means of production is
credited equal to its marginal productivity and total production is liquidated completely. In
mathematical formula Euler’s Theorem can be indicated. If production, P = f (L, K) is Linear
Homogeneous Function:

wP wP
P = L K in other words P = LMPL + KMPK
wL wK

106 LOVELY PROFESSIONAL UNIVERSITY

 

  



 
  

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 Unit 7: Homogeneous Function and Euler’s Theorem

2. Production function is homogeneous and of a degree: Note

If Production function is homogeneous and of a degree, it means that production will come
under constant formula.
Production function = P = ALα Kβu
Taking log of two sides log P = log A + α log L + β log K + log u
Partially differentiating with respect to L and K separately

1wP D
= ...(i)
Pw L L

1wP E
And = (ii)
PwK L
Writing (i) and (ii) further

wP
L = αP ...(iii)
wL

wP
K = βP ...(iv)
wL
Adding equation (iii) and (iv)
L∂P ∂P
+K = P α + P β = P(α + β )
∂P ∂L

3. If Production function is homogeneous and of a degree, then elasticity of substitution will

always be equal to unit. If production function is P = ALαKβ u, where α + β = 1 we know that
elasticity of substitution
= σ = Change in ration of factor’s quantity/ % change in price ratio of factor

w(K / L )/( K / L ) w(K / L )/ K / L

∴ α = w( P / P ) / P / P wR / R
L K L K

Where K/L = ratio of factor quantity

R = PL PK = Price ratio of factor
wK
We know that rate of marginal substitute technique =
wL

wK MPL PL
∴ = MP R
wL K PK

wP / wL
In other words R =
wP / wK

Our production function P = AL αLβu

Differentiating with respect to L and K separately

wP
= EALD K Eu
wL

LOVELY PROFESSIONAL UNIVERSITY 111

Mathematics for Economists

Note Therefore

wP
= DALD1K E1u
wL

wP / wL DALD 1K Eu D K
R =
wP / wK EAl DK Eu L E

D§ K ·
= ¨ ¸
E© L¹

wR = D / Ew (K / L)

w( K / L )/ K / L w(K / L )/ K / L
Therefore, σ = w( P / P ) / P / P wR / R
L K L K

w(K / L )/ K / L
s = 1 It’s proved
w(K / L )· D / b
(K / L )· D / b

4. For production capital and laboXr are important requirements – If capital becomes Zero,
production will get into Zero
Production function = P = ALβKβu
L = 0
Assume P = A.B. Kβ u = 0
K = 0
Assume P = ALα · O · u = 0
Thus, for production both the factors are essential.
5. If Production function P = ALα Kβu is homogeneous and of a degree, then a and b reflects the
position of labour and capital in the production.
Production function is P = ALα Kβu
Differentiating with respect to L and K separately

1 wP 1
= D
P wL L

1 wP 1
= E.
P wK K

L wR Labour
\ a = = product × Marginal product of labour
P wL

Wage of labour
=
Product

K wP Capital
And b = × Marginal product of capital
P wK Product
= Labour share of total production
= Share of capital in production.

112 LOVELY PROFESSIONAL UNIVERSITY

 Unit 7: Homogeneous Function and Euler’s Theorem

6. Production function displays the elasticity of LaboXr and Capital. By the characteristics of Note
production function

L wP
a =
P wL

wP / P
= elasticity of labour
wL / L

K wP
b =
P wK

wP / P
= elasticity of capital
wK / K

The expansion path of Cobb Douglas Production Function is linear homogeneous and its
passed through main point.
Cobb Douglas Production Function P = ALαKβu
Taking log into both sides
log P = log A + a log L + b log K + log u
Differentiating with respect to L and K separately

1 wP D
= ...(A)
P wL L

1 wP E
= ...(B)
P wK K
Writing both the equation (A) and (B) again

wP D
MPL = P.
wL L

wP E
and MPK = P.
wL K

MPL PL
\ MPK = PK

PD / L PL
= P
EP / K K

D K PL
Or . = P
E L K

Or D. KPK = E.LPL

Or D.KPK  ELPL = 0

Thus, Production Function is linear homogeneous and its passes through main point.

LOVELY PROFESSIONAL UNIVERSITY 113

Mathematics for Economists

Note 7.3.2 Economic significance of Cobb Douglas Production Function

Cobb Douglas Production Function has a very importance role in economic area. At present many
economists are using Cobb Douglas Production Function in various economic areas. The use of this
function is day-by-day is increasing especially in various industries and agriculture. This bring
important information for these sectors. This also helps in framing various policies.
With the help of this function, we can also determine the Marginal Productivity and similarly it
helps in determining principle of wages. Production function describes production technique. With
the help of this function we can also determine whether any factor is paid the value with respect to
its equality with the marginal productivity. In a same fashion it helps in agriculture to find the
elasticity of economy. By this function we also display elasticity coefficients. These elasticity
coefficients help us in comparing the international and internal areas.
As has already be described when function is linear and homogeneous and a + b = 1, then production
would be under the constant result, when a + b > 1, then increase in production happens, and if a +
b < 1, then decrease in production happens. This way this function helps us in studying the rules of
various results. Besides these it also fetches important information related to substitutability of
various factors of production.
In short, this function plays an important role especially in agriculture and industries. This is used
in determining the labour policies, inter-area comparison, substitutability of factors and degree of
homogeneity.

7.3.3 Limitation of Cobb-Douglas Production Functions

Although Cobb Douglas Production Function is used widely in economic areas and its use is
increasing in especially in various industries and agriculture, but some economists criticize this
production function. Among them are Prof K.J. Arrow, H.B. Chenery, B.S. Minhas and R.M. Salow.
Their main criticizes are:
1. The main demerit of this function is this that it considers only two factors of production i.e.
Capital and Labour, whereas in reality other factors also have important role in production.
In other words, this function does not apply to more than two factors. Besides it can be used
only in construction industries. This way its use becomes narrow.
2. This function works under the constant result of formula. Rule of increase and decrease in
result also apply to production function. But this function does not work under these rules.
3. Function is based on the assumptions that technical knowledge remains constant and no
change in techniques happen in production. But the same can change in production. This way
assumption of constant technique is irrelevant.
4. Cobb-Douglas Production Functions assume that all inputs are homogeneous. In reality all
units of a factors are not homogeneous. For example some people are skilled and others are
not in a labour population.
5. This does not determine any maximum level of production. Prof M. Chand says “Since, this
does not ascertain the maximum level of P (Production), it would be practical and convenient
not to use this function beyond a certain limit for statistical measurement of its values.
6. a and b of the function reflects the proportion of labour and capital in production. This
becomes true only when market has a complete competition. But in case economy has a
incomplete competition or monopoly, then above relation can not be obtained.
7. It takes into account only positive marginal productivity of factors and ignores the negative
marginal productivity. Whereas marginal productivity of any factor can be zero or negative.
8. Last, the function is unable to produce information related to inter-relation of factors.

114 LOVELY PROFESSIONAL UNIVERSITY

 Unit 7: Homogeneous Function and Euler’s Theorem

7.4 The Constant Elasticity Substitution (C.E.S.) Production Function Note

In the Cobb-Douglas Production Functions it has already been discussed that elasticity of substitution
is always a unit in it. Here we will discuss a function where elasticity of substitution is not required.
This is known as Constant Elasticity Substitution (C.E.S.) Production Function. This was devised by
two groups of economists. First was K J Arrow, Chenery and B S Minhas and R M Salow, whereas
second group consists M Brown, De Cani. Although they devised this function in other forms, but
result were same. First group has shown the production function as:

P =  [ C   (1   )N  ] v 

(   0, 0   1,   1)

Where P = Production, C = Capital, N = Labour a = substitution parameter; g = technical efficiency

coefficient or efficiency parameter (this is considered as A of Cobb-Douglas Production Functions in
C. E.S. function); d = coefficiency of capital intensity (this is considered as a of Cobb-Douglas
Production Functions in C. E.S. function)
1–d = Labour Intensity Coefficient
v = Degree of Homogeneity

7.4.1 Properties of C.E.S. Production Function

1. If Production Function is linear homogeneous then substitution parameter a would be equal

 1 
to constant   whereas production function is P  ( C   (1   )N  ] v / provided
1
  0, 0   and a > –1

Rational: According to definition elasticity of substitution

 log ( N / C ) ( N / C ) / N / C
s = 
 log R R / R

N P
Here,  ratio of production factors and R  C  Price Ratio
C PN

Now production function

P =  [ C   (1   ) N  ] v / ...(7.1)

Partially differentiating with respect to N

P
=  [  v /  ][ C   (1   ) N  ] v /  1  [ (1  )N  1 ]
N

v
= [ C   (1   ) N  ] v / 1 [  (1  ) N (  1) ] ...(7.2)

From equation 7.1

P
  = [ C   (1   ) N  ] v /


LOVELY PROFESSIONAL UNIVERSITY 115


 




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Mathematics for Economists

Note 3. Marginal production of production function is always moves downward viz

w2P w2 P
2
 0 and 0
wM wC 2

Task What is the merit of C.E.S. Production function?

7.4.2 Advantages of CES Production Function over Cobb-Douglas

Production Function
1. Compared to Cobb-Douglas Production Function, CES Production Function brings more
general technique. Under CES Production Function, elasticity of substitution is constant and
it is not necessary that this elasticity is equal to a unit.
2. Compared to Cobb-Douglas Production Function, CES Production Function keeps more
important parameters. This way it has a wide area in substitutability and efficiency.
3. Cobb-Douglas Production Function and CES Production Function have a special form. If in
CES function a = 0 then we will get Cobb-Douglas Production Function.
4. It is easy to find out the parameters under CES Production Function. Besides this function has
removed all the problems and unrealistic assumptions of Cobb-Douglas Production Functions.

7.4.3 Limitation of CES Production Function

Although CES production function has removed all the problems and unrealistic assumptions of
Cobb-Douglas Production Function and is widely used in economics, but yet it is criticized:
1. Like Cobb-Douglas Production Function, this function also considers only two factors of
production (Labor and Capital). It does not apply to other factors of production. Prof H.
Uzawa says it is difficult to apply this function on nth factor of production.

For example: if A ab is production function, find out the demand of factor a and b, where
their prices are constant at Pa and Pb. If demand curve x = b– ap, what is the factor demand in
term s of prices and constants.
Solution: Given production function
x =$ ab

= Aa1/2 b 1/2 ...(i)

Differentiating a and b from equation (i) separately
wx 1 1/2 1/2
= Aa b
wa 2
wx 1 1/2 1/2
And = Aa b ...(ii)
wb 2
From equation (i) and (ii)

1 Aa1/2 b1/2 x
MPa =
2 a 2a
x A ab 
1 Aa1/2 b1/2 x
MPb =
2 b 2b

118 LOVELY PROFESSIONAL UNIVERSITY

 

  



 
  

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Note
1 § 2D ·
Or = ¨E  ( pa pb ) ¸ pa / pb a ...(v)
A © A ¹

1 § 2D ·
Thus b = ¨E  ( pa pb ) ¸ pa / pb ...(vi)
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Equation (v) and (vi) displays the factor demand of a and b
Example 1: If production is in form of
Q = A KαLβ
then (A) Find out the marginal productivity of Capital (K) and Labour (L).
(B) Prove that there is elasticity of capital and labour in production function
Solution: Given production function
Q = AKα Lβ ...(i)
(A) Partially differentiating from equation with respect to K and L separately

wQ D 1 E
= ADK L ...(ii)
wK

wQ
= AEK D LE1 ...(iii)
wL
Function (ii) and (iii) displays marginal productivity of Capital (K) and Labour (L). writing this in
simple form

wQ D
MPK = (\ Q = AKα Lβ)
wK K

wQ E
And MPL = ·Q
wK K
(B) Production Elasticity of Capital

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= · AD K D 1LE
Q wK Q

K D 1 E ADK D 1LE
= AD K L D D
ALD LE ADK D 1LE
Production Elasticity of Labour

L wQ L
= · AE K D LE 1
Q wL Q

L
= A E K D LE 1
AK D LE

E D E 1
= AK D LE 1 AK L E

This way in the given production function a and b shows the production elasticity of capital and
labor.

120 LOVELY PROFESSIONAL UNIVERSITY

 Unit 7: Homogeneous Function and Euler’s Theorem

Self Assessment Note

2. Multiple Choice Quesitons:

6. Who has been credited to devise the Cobb-Douglas Production Function?
(a) C W Cobb and D H Douglas (b) Cobb and Marshal
(c) Douglas and Arastu (d) Above all
7. Production function is

(a) P ALEK D u (b) P ALD K Eu

(c) P LD K E (d) P AK E u

8. Marginal production of CES is always –

(a) negative (b) cubic
(c) positive (d) None of them

7.5 Summary
z Maximum use of special production is referred to as Homogeneous function.
z Euler’s Theorem states that all factors of production are increased in a given proportion
resulting output will also increase in the same proportion each factor of production (input) is
paid the value of its marginal product, and the total output is just exhausted.
z Euler’s Theorem has an important place in economic area especially in marketing area.
Production is made in conjugation with many means.
z Cobb-Douglas Production Function is used widely in economic area. This production function
was developed by C W Cobb and D H Douglas.
z If Production function is homogeneous and of a degree, it means that production will come
under constant formula.
z Cobb Douglas Production Function has a very important role in economic area. At present
many economists are using Cobb Douglas Production Function in various economic areas.
z Although Cobb Douglas Production Function is used widely in economic areas and its use is
increasing in especially in various industries and agriculture, but some economists criticize
this production function.
z In the Cobb-Douglas Production Functions it has already been discussed that elasticity of
substitution is always a unit in it.
z Compared to Cobb-Douglas Production Function, CES Production Function brings more
general technique.

7.6 Keywords
z Homogeneous: Undifferentiated, similar
z Theorem: practically which can be proved

7.7 Review Questions

1. Define homogeneous function with example.
2. Explain Euler’s Theorem with realistic example.
3. Write down the mathematical solution of Euler’s Theorem.

LOVELY PROFESSIONAL UNIVERSITY 121


 




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Mathematics for Economists

Note
(B) Total Revenue R 15q  0.5q 2
R will become maximum, if
dR
15q  (0.5 u 2)q 0
dq
Or 15 – q = 0
Or q = 15
Putting the value of q in equation (i), (ii) and (iv)
π = 15  (0.5 u 15)
= 15  7.5 7.5
R = 15 u 15  0.5 u 15 u 15
= 225  112.5
= 112.5
π = (10 × 15) – (15 × 15) – 10
= 150 – 225 –10
= – 85.

Example 11: Linear demand of any monopoly is p = 12 – 0.4q and Demand C = 0.6 q 2 + 4 q + 5 , then
π) under profit maximization method.
calculate issue (q), price (p) and gross profit (π
Solution: We know that
p = 12 – 0.4q ...(i)
2
C = 0.6q  4q  5 ...(ii)
Total Revenue
R = p×q
= (12 – 0.4q ) × q
= 12q – 0.4q2 ...(iii)
Total Profit
π = R–c
= (12 q  0.4q 2 )  (0.6q 2  4q  5)
= 12 q  0.4q 2  0.6q 2  4q  5
= 8q  q 2  5 ...(iv)
For profit maximization
dS
8  2q 0
dq
Or 2q = 8
8
q 4
2

d2S
For second condition, 2  0
dq 2
Putting the value of q in equation (i) and (iv)

p = 12  (0.4 u 4)
= 12  1.6 10.4

132 LOVELY PROFESSIONAL UNIVERSITY

 







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Note Therefore, 20 = 140 – 6q

Or 6q 140  20 120
q = 20 or p = 20
And p = – 60
Profit would be positive.
Example 13: Following is the demand and cost function of two separate markets

  −  

  −


+8.    
  

In case of price difference, determine the price, production, marginal revenue and total profit of
production of both the two markets.
Solution: We know that
P1 = 80 – 5q1 ...(i)
P2 = 180 – 29q2 ...(ii)
C = 50 + 20 (q1 + q2) ...(iii)
Total revenue of first market
R1 = P1q1 = (80 – 5q1) q1
= 80q1 – 5q12 ...(iv)
Total revenue of second market
R2 = p2q2 = (180 – 29q2) q2
= 180q2 – 29q22 ...(v)
By partially differentiating equation (iv) with respect to q1, equaling it to Zero

wR1
MR1 = wq 80  10q 2 0 ...(vi)
1

Or 10q1 = 80 or q1 = 8
Similarly by partially differentiating equation (v), equaling it to Zero

wR2
MR2 = wq 180  58q1 0 ...(vii)
2

180 90
Or 58q2 = 180 or q 2
58 29
Total Profit p = R1 + R2 – C

= 80q1  5q12  180q 2  29q 22  50  20 q1  20q 2

= 60q1  5q12  160q2  29q22  50 ...(viii)

Putting the value of q1 and q2 in equations (i), (ii), (vi), (vii) and (viii)
P1 = 80  5 u 8 80  40 40

90
P2 = 180  29 u 180  90 90
29

134 LOVELY PROFESSIONAL UNIVERSITY

 Unit 8: Use of Differentiation in Economics

MR1 = 80  10 u 8 0 Note

90
MR2 = 180  58 u 0
29

90 90 u 90
p = (60 u 8)  (5 u 8 u 8)  160 u  29 u  50
29 29 u 29

14400 8100
= 240  320    50
29 29

14400  8100
= 130 
29

6300 7
= 130  130  217
29 29

7
= 87
29
Example 14: Demand and Total Cost of a monopoly in two markets are as under
P1 = 2 – q1
P2 = 9 – 6q2
C = q1 + q2
In case of price difference in two markets determine the price, production (sale quantity), marginal
revenue and profit of monopoly. Also find out the elasticity of demand for Market A and market
B.
Solution: We know that
P1 = 2 – q1 ...(i)
P2 = 9 – 6q2 ...(ii)
C = q1 + q2 ...(iii)

Total Revenue for Market A R1 = P1q1 = 2 q1 – q12 ...(iv)

Total Revenue for Market B R2 = P2 q 2 = 9 q 2 – 6 q 22 ...(v)

Separately differentiating equation (iv) and (v) separately with respect to q1 and q2:

wR1
MR1 = wq 2  2 q1 ...(vi)
1

wR2
MR2 = wq 9  12 q2 ...(vii)
2

Total profit

p = R1  R2  C

2 2
= q1  q1  9 q 2  6q 2  q 1  q 2
2
= q1  q1 8q 2  q 22 ...(viii)

LOVELY PROFESSIONAL UNIVERSITY 135

 



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 Unit 8: Use of Differentiation in Economics

And Note
π = R–C
= 36q – 5q2 – q2 – 6q – 5
= 30q – 6q2 – 5 ...(v)
For profit maximization

dS
dq = 30  12q 0

12q = 30

30 5
Or q = 2.5
12 2
Putting the value of q in equation (i), (iv) and (v)

5 25
P = 36  5 u 36  36  12.5 23.5
2 2
MR = 36 – 10q

5
= 36  10 u 36  25 11
2

π = 30q  6q 2  5

5 5 5
= 30 u  6 u u  5
2 2 2

75
= 75  5
2
= 37.5  5 32.5

P  MR
Since here P > MR, therefore monopolistic capacity of the firm is u 100
MR

23.5  11
= u 100
11

12.5 u 100
= 113.6%
11
In this condition, firm has the monopolistic capacity to increase the price by 113.6%

P
Thus, elasticity of demand (e) =
P  MR

23.5 23.5
=
23.5  11 12.5
= 1.8.
Example 16: If following is the Demand and Cost:
P = 100 – 0.5 (q1 + q2)
C1 = 5q1
C2 = 0.5q22

LOVELY PROFESSIONAL UNIVERSITY 137

 



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Putting the value of q1 in equation (i) Note

80 + 0.5q2 = 95
15
Or 0.5q2 = 95  80 15 or q 2 7.5
0.5
Putting the value of q1 and q2 in demand and profit
P = 100 – (q1 + q2)
= 100 – 0.5 (80 + 7.5)
= 100 – 0.5 × 87.5 = 100 – 43.75 = 56.25
π1 = 95 × 80 – (0.5 × 80 × 80) – (0.5 × 7.5 × 80)
= 7600 – 3200 – 300 = 4100
π2 = 100 × 7.5 – 0.5 × 7.5 × 80 – 7.5 × 7.5
= 75 – 300 – 56.25 = – 281.25
Second condition
wS1
= –1<0
wq12

w 2 S2
= –2<0
wq 22
By reciprocal method (i) and (ii)
q1 = 95 – 0.5q2
100  0.5q1
and q2 = 50  0.25q1
2
Since the slope of these curves is negative, therefore in case of increase in productivity of a firm,
productivity of second firm will go down.

Self Assessment
2. State whether the following statements are True or False:
6. With the help of differentiation, level of equilibrium in monopoly is assessed.
d( R ) d(c )
7. z
dq dq
8. MR = MC
TC  TVC
9. AVC
x
TC  TFC
10. AVC
x

8.2 Summary
z Differentiation is used in economics to determine elasticity.
z Demand product shows that demand of any commodity is the product of price of that
commodity. But demand of any commodity is also related to price of other related commodity.
Cross demand tells that if the price of related commodity changes, in that case demand of that
commodity also changes.

LOVELY PROFESSIONAL UNIVERSITY 139

 



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Thus, at x = a, y = f(a) = BM Note

Now in small neighborhood at LHS of point B, take a point B1 for which x = a – h = OM1, where h is
smallest.
Thus, at x = a – h, y = f(a-h) = B1M1 > BM
Now in small neighborhood at LHS of point B, take a point B2 for which x = a + h = OM2.
Thus, at x = a + h, y = f(a+h) = B2M2 > BM
Now since B1M1 is greater than BM, viz B1M1 > BM
Thus, f(a-h) > f(a) or f(a) < f(a-h)
And since B2M2 is greater than BM, viz B2M2 > BM
Thus, f(a+h) > f(a) or f(a) < f(a+h)
Thus at point B for which x = a, value of f(x) viz the corresponding value of f(x) at the left or right side
of point B, f(a) viz f(a-h) and f(a+h) is smaller
At the point x = a, the function f(x) is called minimum if

f(a – h) > f(a) < f(a + h)

viz At x=a, the value f(a) of f(x) is smaller than both the value f(a-h) and f(a+h) in its small neighborhood.
The maximum value of any function does not mean that it is the biggest value and similarly
minimum value of does not mean that it’s the smallest value. There can be many maximum and
minimum value of any function and it is possible that a maximum value is smaller than minimum
value. At A, maximum value of function or degree is there, it only means that in the small
neighborhood of this point, its value is maximum and similarly in the small neighborhood of this
point, its value is minimum.

9.3 Conditions for Finding Maxima and Minima

Following are the conditions to find maximum and minimum of function y = f(x) at point x = a:
(i) Necessary condition – the essential condition for both maximum and minimum is as under:

dy
f ′ (x) = 0 or =0
dx

(ii) Sufficient condition - the sufficient condition for both maximum and minimum is as under:
For maximum

d2 y
At x = a, the value of = negative value
dx2
For minimum

d2 y
At x = a, the value of = positive value
dx2

Self Assessment
1. Fill in the blanks:
1. One of the main uses of mathematics is to determine the maxima and minima of any ………….
2. There can be many maximum and …………………… value of any function.

LOVELY PROFESSIONAL UNIVERSITY 143

Mathematics for Economists

Note d2 y
3. For …………………., at x = a, the value of = negative value.
dx 2

d2 y
4. For minimum at x = a, the value of = is …………….. value.
dx 2

9.4 Conditions to Absence of Maxima or Minima

At point x = a, the value of function y = f(x) will neither be maximum nor minimum if

d2 y d3 y
The value of 2 = 0 and value of ≠0
dx dx3

Properties of Maximum and Minimum value

1. Maximum value comes after minimum value and minimum comes after maximum viz
maximum and minimum comes in a sequence.
2. There will be a certain maximum or minimum value between the two equal values of
function.
3. At point touching lines are parallel to x-axis where the maximum and minimum of function
dy
are there. Therefore, at such points value of will be 0, solving the equation after putting
dx
dy
= 0, value of x can be obtained, over which the value of the function is maximum or
dx
minimum.

dy
4. At the maximum or minimum point of function the sign of changes. At maximum point
dx
it becomes negative from positive and contrary to this it becomes positive from negative.

Task Define the minimum.

9.5 Steps for Finding Maxima and Minima of the Function y = f(x)

dy
(i) Calculating of y = f(x)
dx
dy
(ii) Determining various values of x from the equation obtain by assigning =0
dx
(iii) Assume the different values of x are a1, a2, a3 etc.

d2 y
(iv) Obtaining, d2y/dx2 finding the value of on a1, a2, a3 etc.
dx 2

d2 y
If for any value of x value of is positive, then function for that value of x is minimum and
dx 2
if it is negative, then value would be maximum.

144 LOVELY PROFESSIONAL UNIVERSITY

 













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Note
d2 y 1
= – ey is negative, therefore for the function x = is maximum
dx 2 e

1
Thus, in the referred function replacing with x =
e

1/e
§1·
¨ ¸
Maximum value = ¨ 1 ¸ = (e)1/e is proven.
©e¹

log x
Example 8: Find out the maximum value of where 0 < x < ∝
x

log x
Solution: Assume that y =
x

dy x. (1 / x )  (log x ).1 1  log x

= =
dx x2 x2

d2 y x 2 ( 1 / x )  (1  log x ).2 x
2 =
dx x4

 x  2 x  2 x log x 2 log x  3
= 4
x x3

dy 1  log x
Putting , =0, = 0 or 1 – log x = 0 or log x = 1 = log e, ∴ x = e
dx x2

d2 y 2 log e  3 23 1
At x = e =  is negative
dx 2
e3 e3 e3

log e 1
Therefore, at x = +e, function is maximum and its maximum value is = .
e e

Example 9: If at extremum values of x = –1 and x = 2 are y = a log x + bx2 + x then find out the value
of a and b.

dy 1
Solution: y = f(x) = a log x + bx2 + x ⇒ = a. + 2bx + 1
dx x

dy
For extremum = 0,
dx

§ dy · § dy ·
¨ dx ¸ = 0, ¨ dx ¸ = 0
© ¹ 1 © ¹2
⇒ – a – 2b + 1 = 0 ...(i)

§a·
Or ¨ ¸ + 4b + 1 = 0 ...(ii)
©2¹

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Self Assessment Note

2. State whether the following statements are True or False:

d2 y
5. At x = a for maximum, the value of is positive.
dx 2

d2 y
6. At x = a for minimum, the value of is negative.
dx 2
7. There will be a certain maximum or minimum value between the two equal values of
function.

dy
8. At the maximum or minimum point of function the sign of changes.
dx

9.6 Summary
z If the height of your house is more than the houses situated in neighbourhood (right or left),
then the height of your house will be called maximum and contrary to this if the height is
less, then it will be called Minimum.
z Function decreases to some certain point of independent variable and grows towards the
next values, then arriving from the state of decreasing to an increasing state, the function
obtains minimum value.
z Maximum value comes after minimum value and minimum comes after maximum viz
maximum and minimum comes in a sequence.

d2 y
z If for any value of x value of is positive, then function for that value of x is minimum and
dx 2
if it is negative, then value would be maximum.

9.7 Keywords
z Maximum: more value
z Minimum: less value

9.8 Review Questions

1. Find out the maximum and minimum value of x3 – 2x2 +x + 6

166
[Ans.: Maximum , Minimum = 6]
27

2
2. Find out the maximum value of function (x – 1) (x – 2) (x – 3). [Ans.: Maximum ]
3 3
x
§1·
3. Prove that the maximum value of ¨ ¸ is (e)1/e
©x¹
4. At what values of x, function 2x3 – 9x2 + 12x – 3, x is maximum or minimum
[Ans.: Maximum = 2, Minimum = 1]

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Mathematics for Economists

Note
Questionnaire 16.2
Solve Yourself :

x
2
1. Find : cos x dx

 (8  7 x )
7
2. Find the Integration : dx

1
3. Find the values of the following:  2
cos 2 x dx
0

4. Find :

dx sin x
(i) a 2
 x2
(ii)  sin(x   ) dx -
5. Integrate:

dx
(i)  4x
2
x3  3 (ii)  4x 2  9

x2  4
(iii)  x 2  3x  2
dx (iv) xe
3 x
dx

6. Find the value of the followings:

e3x 3x
(i) (ii)
1  e3x (3x  1) ( x  3)
(iii) x3 log x, (iv) sin (ax + b).
7. Find total costs function f (x) if x = Total production.
(i) ` 100 Total costs at 3x3 – 4 x + 5, x = 0.

100
(ii) ` 100 Total costs at ,x0.
x
(iii) 6.75 – 0.0006 x, x = 0, total costs = ` 10,485
8. Find:
5 14
(i)  1
x 3 x dx (ii)  1
x dx

3 3
(iii)  1
(1  5x  x 3 ) dx (iv)  1
( e 2 x  e x ) dx

9. Find the consumer saving if Demand function curve is p = 33 – 3x – 2x2 and x = 3 unit.
10. If p = ` 5 then How much will be the consumer saving on Demand Function p = 100 – 2x3. If p
= 0 then what will be the saving?

Self Assessment
2. Multiple Choice Questions:
4. Total Costs = .......................?

(a)  Marginal Costs (b)  Total Costs (c)  Total Profit (d)  loss

252 LOVELY PROFESSIONAL UNIVERSITY

 


 

 

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Mathematics for Economists

Note 3. Each industry produces only one product and there is no joint production of two products.
4. Total output of an industry is used as input for any other industry.
5. Production is done under rule of constant return.
6. Technical development is constant, it means that input coefficients are constant
7. Here in production no external austerity or improvidences are created

Leontief’s Static Input-Output Model – Open Model

Leontief’s Static Input-Output Model is based on the above assumptions. This can be understood
with an example. Suppose the economy is divided into three parts. Out of which agriculture and
industry are inter-trades and domestic part is expressed as last demand part.
With the help of Input-Output Analysis we can understand this model. In the given table, output of
all the three parts is shown in horizontal rows, whereas inputs are shown in vertical columns. Total
of the first row is 300 units, which shows the total output of agriculture. Out of which 50 units are of
agriculture, 200 units are related to industry and balance 50 units are utilized as input for domestic
part. The second row of the table shows total production of industry. Production is done equal to 150
units in the industry, out of which 55 units for agriculture, 25 units are related to industry and 70
units are used in domestic part.
Similarly columns show the cost of these areas. First column shows that for total production of 300
units in the industry, cost of 125 units comes, out of which 5 units are related to agriculture, 55 units
are for industry and 20 units related to domestic area. Second column shows for total production of
150 units in the industry, total cost comes equal to 255 units, out of which 200 units relate to
agriculture, 25 for industry and 30 units for domestic part. Zero in third columns shows depicts that
domestic part is a consuming area, where not sells are made

Table 24.1: Input-Output Table

Purchase area Total output or

Areas Agriculture(1) Industry(2) Last Demand (3) total receipt

(1) Agriculture 50 200 50 300

Sell area

(2) Industry 55 25 70 150

→

(3) Last Demand 20 30 0 50

Total cost or Total input 125 255 120 500

With the help of above table general Transaction Matrix can be created

Table 24.2: Transaction Matrix

Purchase area Total output

Areas Agriculture(1) Industry(2) Last Demand (3)

(1) Agriculture x 11 x 12 D1 X1
Sell area

(2) Industry x 21 x 22 D2 X2
→

(3) Last Demand x 31 x 32 D0 X3

If we take columns of above table, then we will get following production function

316 LOVELY PROFESSIONAL UNIVERSITY

 Unit 24: Input-Output Analysis

X1 = f1 (x11, x21, x31) or 300 = f1 (50, 55, 20) Note

X2 = f2 (x12, x22, x33) or 150 = f2 (200, 25, 30)

This way total production can be divided in various parts in the following way (adding division of
all parts in the rows)

X1 = x11+ x12 + D1
X2 = x21 + x22 + D2
X3 = x31+ x32
Here we assume that total production of i industry is utilized as input in n industries, in this codition

X1 = x11+ x12 + ..... + xin + D1

In Leontifs, the concept of constant coefficient has also a value. In this situation technical coefficient
will be

xij
aij = X
j
Here, x11 = production of ith industry which is utilized by jth industry
X1 = Total production of ith industry
In the above Table -1 technical coefficient can be found in the following manner

Table 24.3: Technical Matrix

Working area Input-Output Coefficient

Total
Agriculture(1) Industry(2) Last Demand (3) production

Agriculture 0.16 1.33 50 600

Industry 0.18 0.16 70 150

area
Sell
→

Sell area 0.06 0.20 0 50

Method of finding technical coefficient is very simple. Here we divide input of desired are by total
production of that area. For example, total production of agriculture area is 300 units and inputs are
50 55
50, 55 and 20 units, in this condition technical coefficient would be = 0.16, = 0.18 and
300 300
20
= 0.06 . In the similar way it can be calculated for other areas.
300
Leontief’s Input-Output Matrix can be shows in algebraic expression in the following manner:
Assume our general model is following:
X1 = x11 + x12 + .... xin + D1 ...(24.1)
Here X1 = total production of i area, where i = 1, 2, …… n
th

xij = production of ith industry which is utilized by jth industry

Model 24.1 can be divided for nth areas in the following manner:
X1 = x11 + x12 + .... + x1n + D1

LOVELY PROFESSIONAL UNIVERSITY 317

  



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Mathematics for Economists

Note 2. With the help of following table calculate technical multiplication

 Purchase area Agriculture Industries Last Demand Total production


Production area
(1) Agriculture 500 1000 200 1700
(2) Industries 700 1500 600 2800

Answers: Self Assessment

1. Negative 2. Input 3. Positive

25.6 Further Readings

Books Mathematics for Economist – Yamane, Prentice Hall Publication.

Mathematics for Economics – Council for Economic Education.
Mathematics for Economist – Carl P Simone, Lawrence Bloom.
Mathematics for Economist – Malcom, Nicolas, U C London.
Mathematical Economy – Michael Harrison, Patrick Walderan.
Mathematics for Economics and Finance – Martin Norman.
Mathematics for Economist – Mehta and Madnani, Sultan Chand and Sons.
Mathematics for Economist – Simone and Bloom, Viva Publication.
Essential Mathematics for Economics – Nutt Sedester, Peter Hawmond, Prentice
Hall Publication.

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